The price action of Qualcomm (QCOM) stocks formed a bullish engulfing candle last Friday. While the 5/1 session candle was relatively QCOM Daily Chart(click to enlarge)Bullish Engulfer:- The daily chart shows a market that has been bearish in 2017, though the overall market seems to be sideways for the past 52-weeks.- Price was again sliding in April until it came close to 50.00, a psychological level where QCOM saw buyers about a year ago.- Indeed, we should anticipate some short-term rebound after seeing the bullish engulfing candle last Friday. - However, I would be careful about the bullish projection.Sideways Market:- The weekly chart shows a market that reversed an uptrend in 2014. - There is really no long-term trend. - We can see a 2016 rally, but the fact that price retreated back below the 200- and 100-week simple moving averages (SMAs) show that the uptrend was weak and that bears are now in control of this market.Bullish Outlook with Bearish Bias:- I think upside from the currently developing pivot should be limited to 64. - I think price would be rejected around 60. - A break above that makes the 64.00 handle "final line of defense" for the bearish outlook.Qualcomm (QCOM) Weekly Chart(click to enlarge)